D.S.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
D.S.
Largest movements
- Receivables within one year +€174,472
up €174,472 (+95.2%), from €183,316 to €357,788
of which Trade receivables: +€125,381
- Receivables after one year -€36,000
down €36,000 (-20.9%), from €172,000 to €136,000
- Tangible fixed assets -€34,735
down €34,735 (-19.9%), from €174,570 to €139,834
of which Furniture and vehicles: -€26,690
- Stocks and contracts +€27,580
new in 2025: €27,580
- Cash +€15,910
up €15,910 (+3450.5%), from €461 to €16,371
mainly Trade debts (+€111,964) and Other debts (+€84,343)
- Trade debts +€111,964
up €111,964 (+269.0%), from €41,624 to €153,588
- Other debts +€84,343
up €84,343 (+63.7%), from €132,432 to €216,774
- Debts after one year -€68,958
down €68,958 (-67.0%), from €102,849 to €33,891
- Tax, wage and social debts +€7,233
up €7,233 (+175.1%), from €4,130 to €11,364
of which Taxes: +€6,840
- Staff costs -€19,149
down €19,149 (-30.9%), from €61,941 to €42,793
- Gross operating margin +€18,902
up €18,902 (+24.8%), from €76,293 to €95,195
- Depreciation +€11,585
up €11,585 (+37.7%), from €30,699 to €42,284
- Financial income +€9,613
up €9,613 (+527.6%), from €1,822 to €11,436
- Financial charges +€5,767
up €5,767 (+50.8%), from €11,353 to €17,120
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €535,649 | €682,058 | +€146,410 | +27.3% |
| Fixed assets | 21/28 | €174,570 | €139,834 | -€34,735 | -19.9% |
| Tangible fixed assets | 22/27 | €174,570 | €139,834 | -€34,735 | -19.9% |
| Plant, machinery and equipment | 23 | €57,505 | €49,460 | -€8,045 | -14.0% |
| Furniture and vehicles | 24 | €117,064 | €90,374 | -€26,690 | -22.8% |
| Current assets | 29/58 | €361,079 | €542,224 | +€181,145 | +50.2% |
| Amounts receivable after more than one year | 29 | €172,000 | €136,000 | -€36,000 | -20.9% |
| Other amounts receivable | 291 | €172,000 | €136,000 | -€36,000 | -20.9% |
| Stocks and contracts in progress | 3 | - | €27,580 | +€27,580 | |
| Stocks | 30/36 | - | €27,580 | +€27,580 | |
| Amounts receivable within one year | 40/41 | €183,316 | €357,788 | +€174,472 | +95.2% |
| Trade receivables | 40 | €28,666 | €154,047 | +€125,381 | +437.4% |
| Other amounts receivable | 41 | €154,650 | €203,741 | +€49,091 | +31.7% |
| Cash at bank and in hand | 54/58 | €461 | €16,371 | +€15,910 | +3450.5% |
| Deferred charges and accrued income | 490/1 | €5,302 | €4,485 | -€818 | -15.4% |
| Total equity and liabilities | 10/49 | €535,649 | €682,058 | +€146,410 | +27.3% |
| Equity | 10/15 | €187,141 | €188,239 | +€1,098 | +0.6% |
| Contributions | 10/11 | €186,749 | €186,749 | = | 0.0% |
| Reserves | 13 | €87,125 | €87,125 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,968 | €8,968 | = | 0.0% |
| Distributable reserves | 133 | €78,157 | €78,157 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,734 | -€85,636 | +€1,098 | +1.3% |
| Amounts payable | 17/49 | €348,508 | €493,820 | +€145,312 | +41.7% |
| Amounts payable after more than one year | 17 | €102,849 | €33,891 | -€68,958 | -67.0% |
| Financial debts | 170/4 | €102,849 | €33,891 | -€68,958 | -67.0% |
| Amounts payable within one year | 42/48 | €240,755 | €453,059 | +€212,304 | +88.2% |
| Current portion of amounts payable after more than one year | 42 | €62,569 | €68,958 | +€6,390 | +10.2% |
| Financial debts | 43 | - | €2,374 | +€2,374 | |
| Credit institutions | 430/8 | - | €2,374 | +€2,374 | |
| Trade debts | 44 | €41,624 | €153,588 | +€111,964 | +269.0% |
| Suppliers | 440/4 | €41,624 | €153,588 | +€111,964 | +269.0% |
| Taxes, remuneration and social security | 45 | €4,130 | €11,364 | +€7,233 | +175.1% |
| Taxes | 450/3 | - | €6,840 | +€6,840 | |
| Remuneration and social security | 454/9 | €4,130 | €4,524 | +€394 | +9.5% |
| Other amounts payable | 47/48 | €132,432 | €216,774 | +€84,343 | +63.7% |
| Accrued charges and deferred income | 492/3 | €4,904 | €6,871 | +€1,967 | +40.1% |
| Remuneration, social security and pensions | 62 | €61,941 | €42,793 | -€19,149 | -30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,699 | €42,284 | +€11,585 | +37.7% |
| Other operating charges | 640/8 | €4,430 | €3,336 | -€1,094 | -24.7% |
| Gross operating margin | 9900 | €76,293 | €95,195 | +€18,902 | +24.8% |
| Operating profit (loss) | 9901 | -€20,777 | €6,782 | +€27,560 | |
| Financial income | 75/76B | €1,822 | €11,436 | +€9,613 | +527.6% |
| Recurring financial income | 75 | €1,822 | €11,436 | +€9,613 | +527.6% |
| Financial charges | 65/66B | €11,353 | €17,120 | +€5,767 | +50.8% |
| Recurring financial charges | 65 | €11,353 | €17,120 | +€5,767 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | -€30,308 | €1,098 | +€31,406 | |
| Profit (loss) for the period | 9904 | -€30,308 | €1,098 | +€31,406 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,308 | €1,098 | +€31,406 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.